Daewoong Pharmaceutical, Gyeongsangnam-do, and Gyeongnam Technopark Hold 'Bio Startup Studio' Contest

[Asia Economy Reporter Lee Gwan-joo] Daewoong Pharmaceutical announced on the 22nd that, with support from Gyeongsangnam-do Province, it is conducting the 'Bio Startup Studio' contest together with Gyeongnam Technopark.

This contest was prepared to revitalize the bio startup ecosystem in the Gyeongnam region and support research and development. Any startup or prospective entrepreneur with headquarters, research institute, or business site in Gyeongnam can apply. Even those located in other regions can receive support after final selection by signing a relocation commitment if they plan to move their office to Gyeongnam.

The recruitment fields include ▲biopharmaceuticals (cell and gene therapies, antibodies, etc.) ▲synthetic new drug pipelines and platform technologies for cancer, autoimmune, and fibrotic diseases ▲new modality drugs ▲drug delivery platforms ▲stem cell platforms ▲digital therapeutics and healthcare, totaling six fields.

Startups (or prospective entrepreneurs) wishing to participate can submit a business plan or IR materials prepared using the form on Daewoong Pharmaceutical’s website via email (opencollaboration@daewoong.co.kr). The deadline for document submission is 6 PM on the 10th of next month.

Daewoong Pharmaceutical plans to announce the final selected companies in the second week of August after document screening, first evaluation, and second evaluation. Selected companies will sign agreements with Daewoong Pharmaceutical and Gyeongnam Technopark in August and receive support through an accelerating program, R&D commercialization support, and linkage to the TIPS program. Subsequently, through a year-end competition, opportunities for follow-up investment and commercialization cooperation with Daewoong Pharmaceutical will also be provided.

Jeon Seung-ho, CEO of Daewoong Pharmaceutical, stated, “Through this Bio Startup Studio contest, Daewoong Pharmaceutical plans to focus its accelerating capabilities on the intensive nurturing of promising startups in the advanced bio sector within Gyeongnam.”